In their book Stability with Growth: Macroeconomics, Liberalization and Development, the authors argue that the Washington Consensus approach to economic development has failed to deliver on its promises. They propose a new approach that emphasizes macroeconomic stability, sustainable growth, and equity.
The authors argue that the Washington Consensus approach, which focused on fiscal austerity, privatization, and trade liberalization, has led to economic instability, inequality, and environmental degradation. They argue that developing countries need to adopt a more heterodox approach that includes active government intervention to promote growth and equity.
The book provides a comprehensive overview of the different macroeconomic challenges facing developing countries, and it offers a number of specific policy recommendations. The authors argue that developing countries need to focus on building strong social safety nets, investing in education and healthcare, and developing their own industrial sectors.